Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
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Info-Tech
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Financial Performance Corporate Results - Outsourcing Allsec net hit by rupee rise, increased expenditure 
Our Bureau Chennai, Oct. 29 Rupee appreciation, wage inflation and increased expenditure have together dented Allsec Technologies’ net sales as well as net profit for the quarter ended September 2007. The company incurred expenditure of Rs 2.16 crore relating to development of an IT-enabled software product. This Web-based platform is expected to provide quality assurance functionalities to clients. Mr Adi Saravanan, Founder and President, Allsec Technologies, said the company was looking to increase its domestic business focus to tide over the rupee appreciation. “We have applied to the Government seeking interoperability of our premises for domestic and international work,” he told Business Line. The company is in talks with some local organisations and expects to finalise “a couple of large contracts” in the current quarter, he said. Annual wage inflation faced by the company is about 13 per cent. However, Mr Saravanan did not share quarterly figures saying the impact on bottom line was “not so much”. Half-yearly resultsFor the half-year ended September 2007, the company reported an income of Rs 56.32 crore, down 3.7 per cent, against Rs 58.49 crore reported during the same period last year. Net profit during the period stood at Rs 1.33 crore (Rs 14.18 crore). Results for the current quarter and half-year include transactions of B2K Corp Pvt Ltd, Allsec’s wholly owned subsidiary. More Stories on : Financial Performance | Outsourcing
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